Oil prices are back on the decline due to weak Chinese economic that was released over the weekend. Factory output grew at its lowest pace in six years, and economists are tripping over themselves to lower GDP forecasts to near 7%. China remains the only hope for the bullish oil price case, in the face of surging output growth from the US, and slowing demand in Europe. We have mentioned before that global oil producers are all looking to China to save their bacon, in terms of sales and prices. The demand slippage being seen is coming at the worst possible moment for oil producers.
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